This is my current understanding. A five wave descent completed early November 2014. It then jumped in a corrective wave to ~ $1300 to form wave (a). It is now completing a minor upthrust correction out of a triangle to form a minor c wave to complete b. In eventuality there appears heavy resistance at 1231 or thereabouts. It appears overall it's trying to form a H&S. To do so it needs to drop as expected with most $ x's. It may try to take out the multiyear lows, and have a crack at the upper 1000's. Being a very psychological marker and all other considerations, including sentiment and sustainable production price, generally considered to be around average of $900. After that we'll see ... But overall it has potential to form a sizeable triple three's wave, as CB policies and other influences continue a sustained dithering / mixed messages.
Because there are significant multiyear support lines in the upper 1000's and the confluence of the descending channel it's being forced bit by bit into a corner.
Because there are significant multiyear support lines in the upper 1000's and the confluence of the descending channel it's being forced bit by bit into a corner.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.